One of the largest cryptocurrencies in the crypto-verse, Coinbase, has recently made a promising announcement for its users. The announcement is related to the Coinbase users who also own a PayPal account and want to purchase cryptocurrencies.
The exchange has revealed how its users who also have a PayPal account can purchase more cryptocurrencies through the exchange itself. Coinbase shared the piece of useful information with its users on Friday, April 30.
The US-based cryptocurrency exchange has revealed it will let its users use their bank accounts and debit cards to purchase cryptocurrencies. However, the condition is that the user must also have an account at PayPal and the methods must be added there.
The exchange has revealed that using the method, users will be able to bypass wire transfers and automated clearinghouses. It is a method that the users still have available through Coinbase for purchasing cryptocurrencies.
PayPal has announced that it is currently in the process of readying the integration of the new facility. Once integrated, the Coinbase users will be able to purchase cryptocurrencies directly with their PayPal accounts. The best part is that the users will not be required to add their bank account or debit card information on PayPal to proceed with the purchase.
With the above option, the purchase will take place instantly, without requiring any debit/banking information, and cryptocurrencies will be transferred directly to Coinbase.
If Coinbase users use the payment methods from PayPal, they can purchase up to $25,000 worth of cryptocurrencies.
Coinbase has confirmed that for now, the new product is only being built for users based in the United States. Their first goal is to gain feedback from the US citizens for the new product and see if it is popular among them or not.
If the integration receives positive feedback from the users, then the new feature will be rolled out to the rest of the areas. Coinbase has revealed that they are confident that their new feature will be adopted on a large scale.
Therefore, they are planning to roll out the integration in the rest of the countries in the coming months. Coinbase is one of the largest cryptocurrency exchanges in the entire crypto-verse and its main factor is the user base. The exchange claims it has more than 6.1 million active users on its platform, using different services and features.
On the other hand, PayPal has an enormous user following that Coinbase can benefit from. At the beginning of 2020, PayPal had 334 million users and by the end of the year, it reported 377 million active users.
Coinbase is making a lot of development for its users and the entire cryptocurrency sector. It was the beginning of April 2021, when Coinbase went public with its stock.